- Chinese auto manufacturer BYD’s $1 billion proposal with Megha Engineering for a four-wheeler manufacturing plant in Hyderabad was rejected due to security concerns and regulations.
- The proposal included creation of 10,000-15,000 electric cars annually, R&D and training centers, and charging stations.
- Despite having an established presence in India, BYD’s plans to expand would directly compete with leading EV producer, Tesla.
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